What does Zillow have to say about Raleigh?

I haven’t devoted enough time to Zillow.com. These guys are plugging away frantically to gather data and present it to us to analyze real estate markets nationwide. I follow Zillow COO Spencer Rascoff on Twitter.

I have had conversations with other real estate brokers and agents that really don’t like them and I can’t figure out why. At the very least, an agent needs to know what their clients and customers are reading and be ready to engage them when they ask about it. If they are or are not accurate in some areas, we as agents need to understand how to guide our clients. If they are accurate, we should know!

According to the graph below, prices have dropped in the show areas an average of 6.1%. Northwest Raleigh has been hit with a 9.6% drop and that really seems fair. I have had several listings in that area and I have seen this first hand in price ranges around $300k.  Our last closing in that region of Raleigh for one of our listing was in August, 2009 and this was true then.  From what I see, it’s bottomed out at this point.